Can’t afford to save?

Un­der the Vir­ginia plan, to be called Virgini­a­Saves, em­ploy­ers that have 25 or more full-time em­ploy­ees—de­fined as work­ing at least 30 hours a week—and that have been in busi­ness at least two years and don’t offer a retirement sav­ings plan would be re­quired to au­to­mat­i­cally en­roll em­ploy­ees in an in­di­vidual retirement ac­count, or IRA, at a per­cent­age of pay that has yet to be de­ter­mined. Em­ploy­ees would be able to opt out or change their sav­ings rate.

Wall Street Journal April 8, 2021

We are rapidly approaching retirement plan overload. There are so many options for retirement saving many people are confused and facing analysis paralysis.

There is no reason for anyone desiring to set up a retirement plan with automatic contributions not to do so. Instead, thirteen states so far have set up more programs, more rules, more confusion, more responsibility for small business.

So, what is the problem? Is it the inability to save as politicians like to pronounce or is it lack of initiative, confusion and responsibility by the individual?